15.18 LIABILITY OF LESSOR LIMITED:

 It is expressly agreed and understood that all representations,
 warranties and undertakings of Lessor hereunder shall be binding
 upon Lessor only in its capacity as trustee under the Trust
 Agreement, and neither the institution acting as Lessor nor the
 Beneficiary shall be liable in its individual capacity for any
 breach of Lessor's representations, warranties and undertakings
 except in the case of the institution acting as Lessor for breach of
 its own covenants, representations and warranties contained herein,
 to the extent covenanted or made in its individual capacity.

16. DISCLAIMERS AND WAIVERS

 LESSOR AND LESSEE AGREE THAT THE DISCLAIMERS, WAIVERS AND
 CONFIRMATIONS SET FORTH IN CLAUSES 16.1 TO 16.3 BELOW SHALL APPLY AT
 ALL TIMES DURING THE TERM WITH EFFECT FROM

 114


 LESSEE'S ACCEPTANCE OF THE AIRCRAFT BY EXECUTION OF THE LEASE
 SUPPLEMENT NO.1, WHICH SHALL BE CONCLUSIVE EVIDENCE THAT LESSEE HAS
 FULLY INSPECTED THE AIRCRAFT AND EVERY PART THEREOF AND THAT THE
 AIRCRAFT, THE ENGINES, THE PARTS AND THE AIRCRAFT DOCUMENTS ARE, AS
 BETWEEN LESSOR AND LESSEE, TECHNICALLY ACCEPTABLE AND ARE IN
 SUITABLE CONDITION FOR DELIVERY TO AND ACCEPTANCE BY LESSEE.

 16.1 EXCLUSION:

 THE AIRCRAFT IS DELIVERED "AS IS, WHERE IS" AND LESSEE AGREES AND
 ACKNOWLEDGES THAT AS BETWEEN LESSOR AND LESSEE: